UK - The trustees of J Sainsbury plc's pension scheme are to be approached "imminently" by Delta Two, the Qatari-backed investment group which has been in talks with the retail company.
Following the submission of a revised proposal by Delta Two, the board of Sainsbury's said Delta Two could begin the due diligence process.
For its part, Delta Two said it would work constructively with the trustees of Sainsbury's pension schemes and discuss “appropriate levels of funding”.
A joint statement from Sainsbury's and Delta Two said: “Delta Two recognises the importance of ensuring that the Sainsbury's pension schemes are appropriately funded, and intends to work constructively with the Sainsbury's pension trustees to reach agreement on the appropriate level of funding for the schemes."
The latest twist in the saga came after a deadlock had developed between trustees and Delta Two.
Unite, Britain’s largest union, has also highlighted pension concerns among its reasons for urging the board of J Sainsbury plc to block a possible takeover.
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